The newsletter provides economic, corporate, regulatory, and market updates. It mentions that the civil aviation ministry has approved leave travel concessions to boost tourism in South Asia. It also notes that several major banks will review lending and deposit rates this week. Additionally, the government may reduce the lock-in period for the Rajiv Gandhi Equity Savings Scheme to one year to attract more investors. The newsletter briefly outlines other corporate, SEBI, RBI, tax law, and market news.

1. PGC NEWSLETTER 1
PGC
NEWSLETTER
19th
January, 2015
THOUGHT OF THE DAY
“One who gains strength by overcoming obstacles possesses the
only strength which can overcome adversity...”
ECONOMIC UPDATES
 The civil aviation ministry has given its nod to a proposal to provide leave
travel concession for government employees to Nepal, Bhutan, Maldives and
Sri Lanka to boost tourism in the region.
 Banks set for lending rate action this week. A host of lenders, including State
Bank of India (SBI), IDBI Bank, Indian Bank and Andhra Bank, have lined
up meetings of their asset-liability committees (Alco) this week, to review
their lending and deposit rates.
 The government might reduce the lock-in for the Rajiv Gandhi Equity
Savings Scheme (RGESS) from the existing three years to one year, to draw
investors. Currently, the scheme offers a fixed lock-in for the first year and
flexible lock-in for the next two years.
SEBI/CORPORATE UPDATES
 Form AOC-5 is available for filing w.e.f from 17th Jan 2015.
 SEBI to consult CAs, merchant bankers on takeover valuations. For the
purpose, SEBI would empanel eligible Chartered Accountant firms to take up
work relating to valuation of shares under its Takeover Regulations that
involves the entities buying a substantial stake in a listed company to make an
open offer for minority shareholders as well.
 HCL Tech is the second IT major to consider bonus issue in recent weeks
after Infosys which had come out with a 1:1 bonus issue.
 Peng Lei, co-founder of Jack Ma-led Chinese e-commerce giant Alibaba
Group Holding, is going to join the board of mobile wallet operator Paytm.
 JLT plans to make India insurance hub. JLT Independent marks Jardine Lloyd
Thompson Group's direct presence in India through a JV with Sunidhi Group.
 Media technology company Amagi Media Labs has raised $15 million from
Premji Invest, the family investment office of Wipro's chairman Azim Premji,
and existing investor Mayfield.
RBI/TAX LAW UPDATES
 In CIT V. JDS APPARELS (P.) LTD., the High Court held that the amount
charged by bank was a fee for rendering banking services to its client and
same could not be treated as a commission or brokerage under section 194H
for the purposes of TDS.
MARKET UPDATES
SENSEX
28,253.79 131.90
CNX NIFTY
8,550.20 36.40
DOLLAR/ RUPEE
61.74 -0.15
MCX SILVER
39,109.00 48.00
MCX GOLD
27,733.00 79.00
MCX CRUDE OIL
3,058.00 37.00
Dow Jones Industrial
average
17,511.57 190.86
Nasdaq Composite
4,634.38 63.56
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